Lennar turnaround delayed on land costs, margin pressure, Raymond James says [Yahoo! Finance]
Millrose Properties, Inc. Class A (MRP)
Company Research
Source: Yahoo! Finance
faces a longer path to restoring margins and returns as higher-cost land, elevated incentives and overheads weigh on profitability. “At current valuations, we believe the market is underestimating the timeline it may take Lennar to restore its margins and returns to historical averages,” the brokerage said which now expects company to see lower earnings than it previously expected. Lennar shares trade at 1.7 times tangible book value and about 15 times 2026 earnings, which Raymond James said represents a “25% premium to large-cap peers despite a below average 8.4% projected ROIC.” The broker pointed to three main headwinds: higher-cost land lots flowing back from land-banking partner Millrose Properties, selling incentives at a 15-year high of 14.3% of gross home price, and elevated spending on technology and overhead that keeps SG&A ratios above peers. “During the initial ramp up phase of fully cycling into Millrose-banked lots — we estimate Lennar's effective lot costs could
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MRP
News
- Millrose Properties (NYSE:MRP) was upgraded by analysts at BTIG Research to a "strong-buy" rating.MarketBeat
- Millrose Properties (NYSE:MRP) is now covered by analysts at BTIG Research. They set a "buy" rating on the stock.MarketBeat
- Millrose Properties, Inc. Comments on Completion of Lennar Exchange OfferBusiness Wire
- Can Lennar Stock Jump 50%? [Forbes]Forbes
- Millrose Properties (MRP): Evaluating Valuation as Investor Optimism Drives Recent Share Price Momentum [Yahoo! Finance]Yahoo! Finance
MRP
Sec Filings
- 12/4/25 - Form SCHEDULE
- 12/1/25 - Form SCHEDULE
- 11/20/25 - Form EFFECT
- MRP's page on the SEC website